(b) The inverse demand function for grapefruit is defined by the equation p = 282 - 9q, where q is the number of units sold. The inverse supply function is defined by p = 7 + 2q. A tax of $22 is imposed on suppliers for each unit of grapefruit that they sell. Calculate the change in the quantity of grapefruit sold as a result of the imposition of the tax.
Paper#27890 | Written in 18-Jul-2015Price : $22